2018Nov12 AUDCAD H4 Bearish Bat
AUDCAD has been on a recent uptrend and completed a bearish bat around a trendline resistance. On H4 timeframe, an RSI bearish divergence is seen. Upon confirmation of the bearish bias, I will go short. Stop loss is just above the X point. The take profit target is set at the 61.8 Fibonacci retracement level of the AD leg. Trade details are as follows:
Trade Setup: Bearish Bat
Price Entry 0.95545
SL 0.96174 | SL pips 62.9
TP2 0.92821 | TP2 pips 272.4
RRR2 4.33
Trade Setup: Bearish Bat
Price Entry 0.95545
SL 0.96174 | SL pips 62.9
TP2 0.92821 | TP2 pips 272.4
RRR2 4.33
Note
I am still waiting for confirmation of the bearish bias. On H4 timeframe, there is a double top with broken neckline. However, on D1 timeframe, there is a bullish engulfing pattern. It would be safer to enter with a clear break and close below the trendline support.Note
There is now a triple top and breakout (aggressive). I am placing a sell limit order.Trade active
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.